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  • Phoenix Copper Reports $1.21 Million H1 Loss and Advances Empire Mine Study

    Phoenix Copper Reports $1.21 Million H1 Loss and Advances Empire Mine Study

    Phoenix Copper (LSE:PXC) reported an unaudited loss of $1.21 million for the six months ended 30 June 2026, while group net assets stood at $38.21 million.

    Investment in the Empire Mine and the company’s other mining assets increased to $45.84 million during the period.

    After the period end, Phoenix completed a $3.12 million equity fundraising. The company said the proceeds, together with cost reductions and disposals of non-core assets, enabled it to repay short-term debt and extend its cash runway into the fourth quarter of 2026.

    Phoenix has also awarded contracts to Hardrock Consulting to update the open-pit pre-feasibility study for its Empire Mine project.

    The existing study outlines 10.1 million tonnes of proven and probable reserves and an estimated mine life of eight years.

    The company said current copper, gold and silver prices are above the assumptions used in the 2024 study and expects the updated work to result in improved project economics. The outcome of the revised study remains subject to completion of the technical and economic assessment.

    Phoenix is continuing work on project financing alongside the pre-feasibility study update.

    More about Phoenix Copper

    Phoenix Copper is an AIM-quoted, US-focused exploration and development company targeting copper, gold and silver.

    Its principal asset is the polymetallic Empire Mine in Idaho, where the company is advancing an open-pit oxide project and associated processing facilities. Phoenix is also evaluating deeper sulphide mineralisation at the project.

  • Trainline Reports £3.3 Billion H1 Ticket Sales and Announces £100 Million Buyback

    Trainline Reports £3.3 Billion H1 Ticket Sales and Announces £100 Million Buyback

    Trainline (LSE:TRN) reported group net ticket sales of £3.3 billion for the first half of FY2027, broadly unchanged year on year, while underlying revenue declined 1% to £233 million.

    UK Consumer net ticket sales were stable at £2.1 billion. The company said trading during the period was affected by a regulated fare freeze, strike and weather-related disruption and competition from train operators’ own sales channels.

    UK Consumer underlying revenue declined 5% to £102 million, mainly reflecting changes to refund policy and previous commission reductions, partly offset by higher ancillary revenue.

    International Consumer net ticket sales fell 4% to £579 million, with Trainline citing rail accidents in Spain, lower foreign travel demand and network disruption. Underlying revenue from the segment increased 1%.

    Trainline Solutions recorded a 3% increase in net ticket sales to £548 million. International B2B sales increased 45%, while the expiry of some UK white-label contracts partly offset that growth.

    The company expects group adjusted EBITDA as a percentage of net ticket sales to be slightly above its full-year guidance of approximately 2.9%. Trainline reaffirmed its FY2027 outlook for net ticket sales, revenue and profitability and continues to expect International Consumer to reach breakeven.

    Trainline also announced a new £100 million share buyback programme, which will begin after completion of its existing programme. The company said this will bring total share repurchases since 2023 to £350 million, with its share count reduced by approximately 28% over that period.

    The group is also engaging with the competition regulator regarding an investigation into its presentation of fees.

    More about Trainline

    Trainline plc operates a digital rail and coach travel platform through its website and mobile application, providing access to routes, fares and journey information from carriers across Europe.

    The company operates consumer businesses in the UK and international markets as well as its B2B Trainline Solutions division. Its services also include digital railcards, insurance, advertising and other ancillary products.

  • Pan African Resources Completes DFS for Soweto Tailings Retreatment Project

    Pan African Resources Completes DFS for Soweto Tailings Retreatment Project

    Pan African Resources (LSE:PAF) has completed a definitive feasibility study for its Soweto Tailings Retreatment project, located adjacent to the Mogale Tailings Retreatment complex in Gauteng, South Africa.

    The proposed project is designed to process 600,000 tonnes of tailings per month from the Soweto Cluster. Pan African expects the operation to produce between 35,000 and 40,000 ounces of gold annually over an estimated 15-year life.

    If developed, the project is expected to increase peak production from the wider Mogale Tailings Retreatment complex to approximately 100,000 ounces of gold per year.

    The feasibility study estimates capital expenditure of ZAR3.68 billion, following design changes that reduced projected capital requirements by approximately ZAR718 million.

    Using a gold price assumption of US$3,550 per ounce, the study estimates a post-tax net present value of approximately ZAR1.85 billion and an internal rate of return of 29.55%.

    Pan African said environmental approvals and permitting are progressing, with key authorisations expected during FY27. The company is targeting a final investment decision in December 2026.

    The proposed operation would integrate with existing elution, carbon regeneration, electrowinning and smelting infrastructure at the Mogale complex rather than using a fully standalone processing configuration.

    Plans also include a dedicated tailings storage facility designed to comply with the Global Industry Standard on Tailings Management. The project would involve the retreatment and subsequent rehabilitation of historical tailings areas on the West Rand.

    More about Pan African Resources

    Pan African Resources is a gold producer listed in London, Johannesburg and Australia, with mining and tailings retreatment operations in South Africa.

    The group’s activities include recovering gold from surface tailings and underground deposits. Its operations include the Mogale Tailings Retreatment complex on South Africa’s West Rand.

  • Petards H1 Adjusted EBITDA Rises Over 50% as Net Debt Falls

    Petards H1 Adjusted EBITDA Rises Over 50% as Net Debt Falls

    Petards (LSE:PEG) reported revenue of £7.7 million for the six months ended 30 June 2026, while adjusted EBITDA increased by more than 50% to £781,000 as the group recorded a higher gross profit margin.

    Gross profit margin increased to 52.2%, while Petards reported an operating profit of £14,000. Cash generated from operations rose to £894,000, and net debt declined to £1.16 million at the end of the period.

    The company said trading in its Rail and Defence divisions improved during the first half, alongside recurring revenues across the group. Defence activities included progress on a £2.2 million contract with Rheinmetall BAE Systems relating to the Challenger 3 programme.

    Petards said Rail order intake reached its highest level in more than five years, supported by retrofit contracts for its eyeTrain technology. The division also secured additional orders in August.

    QRO’s performance improved from the levels recorded in late 2025, while Affini reported an increase in managed services revenue despite lower project demand.

    The group’s order book stood at £9.6 million at the end of the first half, compared with £9.2 million at the end of 2025.

    Petards said it expects further cash generation and a reduction in net debt during the second half. The board also expects full-year results to show a further significant improvement compared with 2025.

    The extent of QRO’s full-year performance remains dependent on the timing of law-enforcement orders.

    More about Petards

    Petards Group plc is an AIM-quoted developer of security, communications and surveillance technologies serving the rail, traffic, defence and critical communications markets.

    Its operations include the eyeTrain and RTS rail businesses, QRO and ProVida traffic enforcement activities, defence engineering operations and Affini’s wireless and managed communications services.

    The group’s revenues include project-based equipment supply, retrofits and upgrades, as well as recurring income from maintenance, software and managed services contracts.

  • European Stocks Fall as ECB Raises Rates and Oil Prices Climb: DAX, CAC, FTSE100

    European Stocks Fall as ECB Raises Rates and Oil Prices Climb: DAX, CAC, FTSE100

    European equities traded lower on Thursday as investors assessed the European Central Bank’s interest-rate increase, higher oil prices and continued tensions in the Middle East.

    The U.K.’s FTSE 100 fell 0.6%, Germany’s DAX declined 0.4% and France’s CAC 40 was down 0.2%.

    The ECB raised interest rates by 25 basis points, in line with market expectations. The central bank said the conflict in the Middle East continued to generate inflationary pressures and that inflation was expected to remain above its target for an extended period.

    Brent crude futures moved above $105 a barrel following renewed attacks on tankers and concerns about potential supply disruptions.

    U.S. Treasury yields also moved higher after rising on Wednesday. The U.S. Treasury increased the size of a long-dated debt buyback operation, although the increase was below the level some investors had expected.

    German Inflation Reaches Four-Month High

    Germany’s annual consumer price inflation accelerated to 2.9% in August from 2.8% in July, matching the initial estimate, according to Destatis. The August rate was the highest since April.

    EU-harmonised inflation also increased to 2.9% from 2.8%, in line with the previous estimate.

    Among individual stocks, Porsche (TG:P911) shares rose after the German sports car manufacturer completed the sale of its stakes in Bugatti Rimac and Rimac Group.

    Currys (LSE:CURY) shares moved lower after the British electricals retailer maintained its annual outlook and reported a 7% increase in like-for-like sales for the 17 weeks to August 29.

  • Wall Street Futures Gain Ahead of Oracle, Adobe Earnings as Iran Conflict Remains in Focus: Dow Jones, S&P, Nasdaq

    Wall Street Futures Gain Ahead of Oracle, Adobe Earnings as Iran Conflict Remains in Focus: Dow Jones, S&P, Nasdaq

    U.S. equity futures advanced on Thursday as markets monitored developments in the conflict between the U.S. and Iran, higher oil prices and upcoming inflation data. Oracle (NYSE:ORCL) and Adobe (NASDAQ:ADBE) are also scheduled to report results after the closing bell.

    At 03:02 ET (07:02 GMT), Dow futures gained 213 points, or 0.4%, while S&P 500 futures rose 18 points, or 0.2%. Nasdaq 100 futures were up 15 points, or 0.1%.

    The gains followed declines for Wall Street’s main indices in the previous session as further military exchanges between the U.S. and Iran increased uncertainty surrounding the Strait of Hormuz.

    Brent crude moved above $100 per barrel for the first time since July. Markets are also awaiting U.S. producer and consumer inflation figures scheduled for release this week.

    U.S. Treasury yields increased, with the benchmark 10-year yield reaching 4.84%, its highest level since 2023. The move followed the increase in oil prices and news that the U.S. Treasury would repurchase fewer government bonds in its latest operation than some analysts had anticipated.

    The S&P 500 recorded its third consecutive daily decline on Wednesday.

    “So even though we’re just over a week into September, it’s already living up to its reputation as one of the toughest months of the year for markets,” Deutsche Bank analysts said in a note.

    Apple (NASDAQ:AAPL) shares closed lower after the company introduced a foldable version of its iPhone priced at $1,999.

    Trump Comments on Timing of Iran Conflict

    U.S. President Donald Trump told supporters on Wednesday that he expects the conflict with Iran to end after the November midterm elections.

    The comments came after recent exchanges of air strikes between the U.S. and Iran. The supplied information cited polling suggesting the conflict has affected Trump’s approval ratings and could influence Republican results in the midterm elections. Gasoline prices have also risen since the fighting began in late February.

    Trump accused Tehran of attempting to influence the election.

    An interim ceasefire agreement reached in June did not last, while Trump has previously set other deadlines for ending the conflict.

    The Wall Street Journal reported that senior advisers have told Trump the conflict could continue through the remainder of his presidency, which is scheduled to end in January 2029.

    Oracle Set to Report as AI Spending Remains in Focus

    Oracle is due to publish its latest results after Thursday’s closing bell.

    The company has previously outlined plans for increased spending and debt financing as it develops additional artificial intelligence infrastructure.

    Oracle has entered into agreements with companies including Meta Platforms and OpenAI as part of its cloud and AI operations.

    In June, Oracle said it expected to raise around $40 billion through debt and equity financing next year, compared with a previous $20 billion at-the-market equity issuance.

    The company forecast fiscal 2027 capital expenditure of $95 billion. That compared with an analyst consensus estimate of $67.66 billion, according to LSEG data cited by Reuters.

    Adobe Earnings Due After Closing Bell

    Adobe is also scheduled to report results after U.S. markets close on Thursday.

    The report will be the company’s first since the departure of Chief Financial Officer Dan Durn was announced in June. Chief Executive Shantanu Narayen also stepped down earlier in the year.

    Adobe previously increased its annual revenue and profit forecasts. Its AI-related annual recurring revenue exceeded $500 million at the end of the second quarter.

    The company continues to develop AI-related products while competing with design software providers including Figma and Canva.

    ECB Expected to Raise Interest Rates

    The European Central Bank is widely expected to increase interest rates following its latest policy meeting.

    The decision comes against a backdrop of higher energy prices associated with the Middle East conflict. European natural gas prices have reached their highest levels since 2023.

    According to the supplied information, markets had fully priced in a 25-basis-point rate increase.

    ING analysts described the expected move as an “insurance hike,” designed to “strengthen its credibility and to preempt any possible indirect or even second-round effects from the current energy price shock.”

  • Market Open: ECB Decision, Currys Revenue Growth

    Market Open: ECB Decision, Currys Revenue Growth

    FTSE 100 opens flat ahead of the ECB decision as Currys reports 7% sales growth, Fevertree posts higher revenue and Brent remains in focus.

    Market Overview

    The FTSE 100 opened broadly unchanged at 10,669.90 as investors awaited the European Central Bank’s interest-rate decision, with elevated oil prices and continued US-Iran tensions keeping the wider backdrop cautious. The Euronext 100 was also broadly unchanged at 1,896.63, while Germany’s DAX gained 0.11 per cent to 25,603.96. In the US, the Nasdaq closed lower at 26,253.34 and the S&P 500 fell to 7,636.36.

    Commodity markets were mixed, with copper, gold and Brent crude moving lower while natural gas rose. Brent remained in focus as attacks on shipping and continued disruption around the Strait of Hormuz sustained concerns over global energy supplies. Against sterling, the US dollar and euro weakened marginally, while the Swiss franc, Japanese yen and Australian dollar strengthened slightly. Bitcoin was down. Markets are also focused on the ECB’s policy guidance and upcoming US inflation data.

    Market Numbers

    FTSE 100: Down (-0.001%), 10,669.90
    Euronext 100: Down (-0.001%), 1,896.63
    DAX: Up (+0.11%), 25,603.96
    NASDAQ: Down, 26,253.34
    S&P 500: Down, 7,636.36

    In the Headlines

    Sales growth – Currys (LSE:CURY)
    The consumer technology retailer reported a 7% increase in group like-for-like revenue for the first 17 weeks, with UK & Ireland revenue up 6% and the Nordics up 9%. Currys maintained its full-year guidance and said year-end net cash is expected to remain well above its £100 million target.

    Revenue and EBITDA growth – Fevertree Drinks (LSE:FEVR)
    The drinks group reported an 8% constant-currency increase in first-half Fever-Tree brand revenue to £183.6 million, while adjusted EBITDA rose 9% to £20.1 million. Fevertree maintained its full-year guidance and announced a new £60 million share buyback programme.

    Currencies (vs GBP)

    USD: Down (-0.01%), $1.355
    CHF: Up (+0.00%), Fr.1.0975
    EUR: Down (-0.00%), €1.1647
    JPY: Up (+0.03%), ¥208.058
    AUD: Up (+0.01%), $1.8762
    Bitcoin (BTC/GBP): Down, £57,532.33

    Commodities

    Copper: Down
    Gold: Down
    Brent Crude: Down
    Natural Gas: Up

  • FTSE 100 Edges Higher Ahead of ECB Rate Decision

    FTSE 100 Edges Higher Ahead of ECB Rate Decision

    The FTSE 100 edged higher on Thursday as investors awaited the European Central Bank’s interest-rate decision while monitoring developments in the U.S.-Iran conflict and oil markets.

    The FTSE 100 was up 0.06% at 03:18 ET (07:18 GMT). Elsewhere in Europe, Germany’s DAX gained 0.12% and France’s CAC 40 rose 0.30%.

    Sterling traded at $1.3554 against the U.S. dollar, up 0.07% on the day.

    Markets were awaiting the ECB’s policy announcement, with a 25-basis-point increase across all three benchmark interest rates priced in as near-certain.

    Strait of Hormuz Traffic Remains Below Recent Average

    Iranian state media reported that projectiles struck several locations along Iran’s southern coastline in Sirik early Thursday, with explosions also reported across Minab County and Qeshm Island.

    Vessel transits through the Strait of Hormuz declined to seven on Wednesday from 12 a day earlier, according to preliminary ship-tracking data cited by Reuters. The figure was below the 10-day average of 14 vessels.

    Some ships were operating with their transponders switched off, meaning the data may not capture all vessel movements.

    CBS News reported that multiple U.S. military aircraft were damaged by Iranian ballistic missile strikes on the Al Azraq airbase in Jordan early Wednesday, citing sources with direct knowledge of the matter.

    According to the report, around eight F-15 aircraft sustained light damage and subsequently returned to service, while an A-10 Thunderbolt lost a wing. U.S. forces fired more than 30 Patriot missiles in response, CBS News reported.

    Iran’s Islamic Revolutionary Guard Corps said the attacks were retaliation for U.S. strikes on five Iranian oil tankers on Tuesday.

    Speaking at the Republican midterm convention in Dallas on Wednesday, U.S. President Donald Trump said Washington was “winning” the conflict and predicted that oil prices would decline after the war ended following November’s elections. He also left open the possibility of negotiations.

    ING analysts said current signals “point to further escalation, keeping upside pressure firmly in place,” adding that significant disruption to Strait of Hormuz flows could tighten the oil market “more sharply” than developments in recent weeks had indicated.

    ING also cited increased Chinese activity in the physical oil market, particularly in the North Sea, while noting that Chinese crude imports remain below year-earlier levels. The analysts said Beijing’s purchasing behaviour would be “crucial to the outlook.”

    Brent Crude Trades Above $100 a Barrel

    Brent crude futures for November delivery declined 0.37% to $100.89 a barrel, while October U.S. West Texas Intermediate futures fell 0.23% to $95.83.

    December gold futures were down 0.08% at $4,456.97 an ounce, while spot gold gained 0.26% to $4,413.22.

    In UK foreign policy developments, Foreign Secretary Ed Miliband described Israel’s decision to close London’s consulate in Jerusalem as “regrettable and damaging.”

    UN special rapporteur Francesca Albanese described a UK-led ban on imports from illegal Israeli settlements as “potentially seismic,” while saying it should also cover East Jerusalem and Gaza.

    UK Corporate Updates

    Associated British Foods (LSE:ABF) said Primark plans to introduce home delivery in the UK, while like-for-like sales are expected to decline 3% in the fourth quarter to 12 September.

    Currys (LSE:CURY) reported 7% like-for-like sales growth in the first quarter, citing demand for cooling products during the summer heatwave and growth in its Nordic operations.

    THG (LSE:THG) reported that first-half adjusted EBITDA more than doubled to £42.8 million. The company said EU parcel duties are expected to limit third-quarter revenue growth to approximately 2%.

  • Currys Like-for-Like Revenue Rises 7% in First 17 Weeks

    Currys Like-for-Like Revenue Rises 7% in First 17 Weeks

    Currys (LSE:CURY) reported a 7% increase in group like-for-like revenue for the 17 weeks ended 29 August 2026, with growth across both the UK & Ireland and Nordic businesses.

    Like-for-like revenue increased 6% in the UK & Ireland and 9% in the Nordics. The company reported higher sales through both stores and online channels during the period.

    Currys also recorded growth across newer product categories, business-to-business operations and services. The company said it increased market share across most major categories despite broadly flat market conditions in the UK.

    Gross margins remained stable during the period.

    iD Mobile Subscribers Increase 16%

    Currys reported continued growth in recurring services, with the number of iD Mobile subscribers increasing 16% to more than 2.7 million.

    The retailer also reported increased adoption of its flexpay offering.

    Currys maintained its full-year guidance and said it continues to expect year-end net cash to be well above its £100 million target.

    The company is also progressing a £50 million share buyback programme, with almost half of the programme completed at the time of the trading update.

    The update was issued by Group Chief Executive Fredrik Tønnesen.

    Currys confirmed that its 2026 annual general meeting is being held in London on 10 September 2026. Interim results covering the 26 weeks ending 31 October 2026 are scheduled to be published on 17 December 2026.

    More about Currys plc

    Currys plc is a consumer technology retailer operating through stores and online channels.

    The group trades under the Currys brand in the UK & Ireland and Elkjøp in the Nordic region, with a total of 691 stores across six countries.

    Its operations also include business-to-business services, the iD Mobile virtual mobile network, repair facilities and a European distribution network.

  • THG H1 Revenue Rises 7.2% as Adjusted EBITDA More Than Doubles

    THG H1 Revenue Rises 7.2% as Adjusted EBITDA More Than Doubles

    THG (LSE:THG) reported group revenue of £828.7 million for the six months ended 30 June 2026, an increase of 7.2% year on year and ahead of the company’s guidance.

    Adjusted EBITDA more than doubled to £42.8 million, while the group adjusted EBITDA margin increased by 210 basis points to 5.2%.

    THG also reported its highest first-half free cash flow since 2021. Cash and available facilities stood at £238.7 million at the end of the period, while net debt was £329.7 million.

    Myprotein Revenue Rises 9.2%

    THG Nutrition recorded a 9.2% increase in Myprotein revenue, while gross margin reached 44.6%.

    Adjusted EBITDA for the division more than tripled compared with the corresponding period a year earlier.

    THG cited pricing, product innovation, VAT benefits and licensing partnerships among the factors affecting the division’s results. Licensing agreements also generated royalty income and expanded the availability of Myprotein products through third-party retail channels.

    THG Beauty Revenue Increases 5.9%

    THG Beauty reported revenue growth of 5.9%, while adjusted EBITDA increased by almost 24%.

    The company said Lookfantastic and Dermstore increased their market shares during the period. Trading was also supported by the addition of prestige beauty brands and demand for Korean beauty products.

    THG continued to introduce artificial intelligence-based tools across its digital operations, including technology designed to support customer interactions and product discovery.

    More about THG

    THG PLC is a consumer brands group focused primarily on nutrition and beauty products.

    Its nutrition operations include Myprotein, which sells sports nutrition and related products through digital and third-party retail channels.

    THG Beauty operates e-commerce platforms including Lookfantastic and Dermstore, selling beauty and skincare products.

    The group also uses licensing and business-to-business partnerships to distribute its brands through channels outside its direct-to-consumer platforms.